New Market Research Report: Australia Insurance Report Q1 2016

The enormous strengths of Australia ' s insurance sector remain obvious. In USD terms, premiums will likely fall quite sharply in 2015 because of the weakness of the AUD. However, in local currency terms, growth should be sustained by the ongoing expansion of the superannuation (super) funds (for the life segment) and continued innovation (in the non-life segment). Both major segments of Australia ' s insurance sector have long been open to competition from foreign majors. In both segments, virtually all companies have scale, capacity to develop and distribute innovative products, access to capital and reinsurance, multi-channel distribution strategies an d, in many cases, strong brands and we expect this to continue going forwards.

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Arguably the single most important characteristic of Australia's life segment is the country's massive superannuation (super) system, which has total assets under management (AUM) of about AUD2,000bn. The super system provides retirement savings solutions (usually by way of a lump sum payment) that in other countries might be delivered by the life insurers. The life insurers therefore tend to focus on risk products. The larger super funds are important customers of group life solutions. Therefore, the growth over time of the super system should underpin a measured rise in life premiums. Sales of annuities will likely continue to rise quickly. Unfortunately, the long-term trend in life insurance lapse rates has been upwards (in spite of the fall in the last year or so). Further, profitability in many life lines has been low. This suggests to us that the number of life insurers is more likely to fall than rise over time.

The Australia Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Australia Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Australian insurance industry.

Key Benefits

* Benchmark BMI's independent insurance industry forecasts for Australia to test other views - a key input for successful budgeting and strategic business planning in Australia's insurance market.
* Target business opportunities and risks in Australia through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
* Exploit latest competitive intelligence

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